Smart Token Chain (STC), a blockchain project intended to “tokenize” financial information, has successfully executed its first Smart Token transaction across the Ripple Network.
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CTO of Smart Token Chain, Morris Mwanga, believes that the successful trial run of their concept has confirmed the robustness of their blockchain-based solution as a means of bringing speed, accuracy and security to transactions across distributed ledger platforms.
Mwanga noted the platform achieves this by leveraging patent-pending “Smart Tokens”, which has deepened trust in the company as a facilitator of these things. Thus, it provides what many blockchains often do: a trustless and relatively distributed system to enable exchange.
Leveraging the Ripple Network is an obvious choice for an organization that is specializing in the fintech arena, as it provides the fledgling project with a whole host of potential customers to use the platform.
The Smart Token Chain’s use case originates from its ability to tokenize value. This allows financial assets or information to be transacted between counterparties, encrypted and via peers, through the blockchain.
Tom Meredith, STC CEO, elaborated on the use-value of Smart Tokens, saying:
“Connecting to Ripple gives Smart Token Chain the most efficient, lowest cost network to move Smart ID Tokens and other asset or message tokens between counterparties. Our successful test proves low cost, faster, more secure global transactions are no longer a thing of the future.”
Blockchain, combined with tokenization and smart contracts, can improve trust and quicken settlements. It could also have the effect of lowering the cost of cross-border payments and allow financial institutions to offer new products like smart microloans and insurance products to large, untapped markets in emerging economies.
Additionally, Meredith will be attending the International Money Transfer Conference in Miami, FL this week to connect with international distribution partners.
What do you think of the Smart Token Chain and its first transaction across the Ripple Network? Let us know in the comments below.
Source: Finextra
Images courtesy of Smart Token Chain, Ripple